The Special Situation Report #86: 11/5 Roundup
The Special Situation Report #86: 11/5 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
Update on Developing M&A
Strategic Alternatives & Ongoing Situations
Hollysys Automation Technologies (HOLI) disclosed that it has received several indications of interest from financial sponsors and strategic buyers (Press Release)
Zynex (ZYXI) announced a review of strategic alternatives (Press Release)
Rumors
Cytokinetics (CYTK) gained after a report that it is exploring options after receiving takeover interest (Reuters)
MRC Global (MRC) reportedly exploring a potential sale (Bloomberg)
US Steel (X) final bids are reportedly expected shortly after site visits next week (Bloomberg)
Velo3D (VLD) reportedly exploring a strategic review, including a possible sale (Bloomberg)
Update on Shareholder Activism
Consolidated Communications (CNSL) shareholder Wildcat Capital Management said it plans to vote against the company's sale (Letter)
Sculptor Capital (SCU) several ex-executives have sued to try to scuttle Rithm Capital's (RITM) planned purchase of the company (Bloomberg)
Walt Disney (DIS) activist shareholder Nelson Peltz's proxy fight is being bolstered by ex-Marvel Studios Chairman Isaac Perlmutter (WSJ)
Update on Other Special Situations
Spin-Offs
MDU Resources Group (MDU) announced its plans to spin off the company's construction services business (Press Release)
Western Digital (WDC) announced plans to spin off its flash memory business (Press Release, Presentation)
W. P. Carey (WPC) completed the previously announced spin off of 59 office properties into Net Lease Office Properties (NLOP) (Press Release)
Other
Compass Diversified (CODI) to sell Marucci Sports to Fox Factory Holding (FOXF) for $572mm (Press Release)
Vodafone (VOD) to sell its Spanish business to Zegona Communications in a deal worth up to $5.3bn (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value
Consumer & Retail
Six Flags Entertainment (SIX) / Cedar Fair (FUN) – $4bn (Press Release, Presentation)
Healthcare
Eargo (EAR) / Patient Square Capital – $50mm (Press Release)
Miromatrix Medical (MIRO) / United Therapeutics (UTHR) – $91mm (Press Release)
Industrials
Patriot Transportation (PATI) / United Petroleum Transports – $66mm (Press Release)
Real Estate & Hospitality
Physicians Realty Trust (DOC) / Healthpeak Properties (PEAK) – $5bn (Press Release, Presentation)
Spirit Realty Capital (SRC) / Realty Income (O) – $9bn (Press Release, Presentation)
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The content herein is informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.